On September 1st, the Internal Revenue Service (IRS) provided penalty relief for partnerships, including multifamily real estate partnerships, that missed tax return filing deadlines earlier this year. Legislation enacted in 2015 moved the filing deadline from April 15 (April 18 in 2017) to March 15, the due date for partnership tax returns.
Many partnerships filed returns or requests for an extension by the April deadline, but missed the new March deadline. The IRS will provide taxpayers an automatic penalty abatement if a return or extension request was filed by the previous deadline. Full details are available here.